FXTechstrategy Team

EURUSD: Presses Higher, Pressure Turns On The 1.4466 Level EURUSD: With EUR seeing a strong rally the past week, we envisage more strength in the new. However, note that a consolidation with a pullback may occur. Support lies at the 1.1300 level where a violation will aim at the 1.1000 level. A break of here will aim at the 1.1250 level with a turn below that level targeting the 1.1200 level. Conversely, resistance is seen at 1.1450 level with a cut through here opening the door for more downside towards the 1.1500 level. Further up, resistance lies at the 1.1550 level where a break will expose the 1.1600 level. All in all, EUR remains biased to the upside on correction.

USDCHF: Tumbles On Price Sell-Off USDCHF: With USDCHF selling off strongly the past week, a follow-through lower is envisaged in the new week. On the downside, support comes in at the 0.9400 level. A turn below here will open the door for more weakness to occur towards the 0.9350 level and then the 0.9300 level. A cut through here will open the door for more weakness towards the 0.9250 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance resides at the 0.9500 level with a breach targeting the 0.9550 level. A respite may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9750 level. All in all, the pair remains biased to the downside.

EURJPY: Bullish, Maintains Short Term Uptrend EURJPY: The cross extended its recovery on Thursday leaving risk of additional strength on the cards. While the 137.05 level remains as support, its short term uptrend remains intact. Resistance lies at the 139.50 level. Further out, resistance resides at the 140.00 level where a break if seen will threaten further upside towards the 140.50. Further out, resistance resides at the 141.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 138.00 level where a break will aim at the 137.50 level. A turn below here will target the 137.00 level with a breach turning focus to the 136.50 level. All in all, the cross now faces upside risk on recovery.

EURGBP: Sees Price Extension With Eyes On 0.7222 Level EURGBP: With the cross strengthening further on Friday following its Thursday gain, further bullishness is likely towards its key resistance seen at the 0.7222 level. On the upside, resistance lies at the 0.7250 level where a violation if seen will turn risk towards the 0.7300 level. Further out, the 0.7350 level comes in as the next upside target followed by the 0.7400 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 0.7150 level where a violation will turn focus to the 0.7100 level. A break below here will expose the 0.7050 level. Further down, support comes in at the 0.700 level. All in all, the cross is biased to the upside on further corrective recovery.

GBPJPY: Bear Pressure Builds Up On The 191.93 Level GBPJPY: GBPJPY may be consolidating within its broader range but looks to weaken further towards the 191.93 zone. On the downside, support comes in at the 192.00 level where a violation will aim at the 191.00 level. A break below here will target the 190.00 level followed by the 189.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 194.00 level followed by the 195.00 level where a break will aim at the 196.00 level. A cut through here will aim at the 197.00 level. Further out, the 198.50 level comes in as the next resistance All in all, the cross remains biased to the downside nearer term

EURUSD: Builds Up On Recovery, Eyes 1.1213 Level EURUSD: With EUR turning higher to reverse part of its four-day losses on Wednesday, further push higher is likely. It was seen at the time of this analysis heading further higher with eyes on the 1.1213 level. Support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. Conversely, resistance is seen at 1.1213 level with a cut through here opening the door for more downside towards the 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1250 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. All in all, EUR remains biased to the upside nearer term.

GOLD: Rallies, Resumes Short Term Uptrend GOLD: The commodity rallied strongly on Wednesday leaving risk of further upside on the cards. This price development leaves bulls on the offensive towards the 1,147.00/1,150.00 area. Support comes in at the 1,126.00 level where a break will aim at the 1,110.00 level. A cut through here will open the door for move lower towards the 1,100.00 level. Below here if seen could trigger further downside pressure towards the 1,080.00 level. Conversely, resistance resides at the 1,250.00 level where a break will aim at the 1,270.000 followed by the 1,280.00 level. A violation of here will turn attention to the 1,290.00 level. All in all, GOLD remains biased to the upside on corrective recovery.

USDCAD: Rallies, Sets Up To Recapture 1.3212 Level USDCAD: With the pair turning higher on price reversal during Wednesday trading session, risk of further move towards the 1.3212 level is developing. Resistance resides at the 1.3212 level followed by the 1.3250 level. Further out, the 1.3300 level comes in as the next resistance with a break turning attention to the 1.3350 level. Above here if seen will expose the 1.3400 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.3100 level followed by the 1.3050 level. Further down, support resides at the 1.3000 level and then the 1.2950 level. All in all, USDCAD remains biased to the upside in the medium term.

EURJPY: Set To Weaken Further Towards 136.50 EURJPY: The cross remains weak and vulnerable to the downside with eyes on its support located at the 136.50 level. On the downside, support comes in at the 136.50 level where a break will aim at the 136.00 level. A turn below here will target the 135.50 level with a breach turning spotlight on the 135.00 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance lies at the 138.00 level. Further out, resistance resides at the 138.50 level where a break if seen will threaten further upside towards the 139.00. Below here will open the door for a move higher towards the 139.50 level. All in all, the cross now faces downside pressure on pullback

CRUDE OIL: Turns Higher, Looks To Recover Further CRUDE OIL: The commodity has put in a temporary bottom leaving risk of a move higher on the cards. Resistance is located at the 43.00 level where a break will expose the 44.00 level. A break below here will aim at the 45.00 level and then the 46.00 level. Above here if seen will open the door for a run at the 47.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support resides at the 42.00 level where a break will expose the 41.00 level followed by the 40.00 level. A cut through here will aim at the 39.00 level. All in all, Crude Oil remains biased to the downside medium term.

EURGBP: Declines, Extends Downside Pressure EURGBP: With the cross extending its weakness on Tuesday, risk of further downside pressure is likely. This development leaves support standing at the 0.7050 level where a violation will turn focus to the 0.7000 level. A break below here will expose the 0.6950 level. Further down, support comes in at the 0.6900 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.7100 level where a violation if seen will turn risk towards the 0.7150 level. Further out, the 0.7200 level comes in as the next upside target followed by the 0.7250 level. All in all, the cross is biased to the downside in the short term.

GBPUSD: Loses Upside Momentum, Weakens GBPUSD: Having GBP reversed its Friday gains during Monday trading session, the risk is more weakness to occur. While holding below its cluster of resistance at the 1.5689/77 zone, further decline is likely towards the 1.5550 level where a break if seen will aim at the 1.5500 level. A turn below here will shift attention to the 1.5450 level. Further down, support comes in at the 1.5400 level. Its daily RSI has turned lower suggesting further weakness. Conversely, resistance resides at the 15650 level followed by the 1.5700 level. A turn above here will open the door for a run at the 15750 level. On the whole, GBP faces the risk of a move lower on correction.

USDJPY: Having capped its strength at the 1.2506 level to close marginally higher the past week, further corrective weakness is envisaged. On the upside, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. A break will target the 125.50 level. Further out, resistance comes in at the 126.00 level where a violation will aim at the 126.50 level. On the downside, support comes in at the 124.00 level where a break will target the 123.50 level. Below here if seen will aim at the 123.00 level followed by the 122.50 level. On the whole, USDJPY remains exposed to the upside but faces corrective weakness.

GOLD: Looks To Build On Corrective Recovery GOLD: Having closed higher the past week, further bullishness is likely though hesitating on Friday.However, beware of a mild price pullback. Support comes in at the 1,110.00 level where a break will aim at the 1,200.00 level. A cut through here will open the door for move lower towards the 1,080.00 level. Below here if seen could trigger further downside pressure towards the 1,060.00 level. Conversely, resistance resides at the 1,235.08 level where a break will aim at the 1,250.000 followed by the 1,270.00 level. A violation of here will turn attention to the 1,290.00 level. All in all, GOLD remains biased to the upside on corrective recovery.

EURUSD: Retains Recovery Tone, Targets More Strength EURUSD: With EUR seeing closing higher the past week, it now faces the risk of following through higher in the new week. Note that we may see a slight pullback in the new week. Support lies at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will aim at the 1.0950 level with a turn below that level targeting the 1.0900 level. Resistance is seen at 1.1150 level with a cut through here opening the door for more downside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. All in all, EUR remains biased to the upside on correction.

EURCHF: Hesitates, Corrective Threat Develops EURCHF: The cross may be biased to the upside in the medium term but its price failure taking back more than half of its gains the past week could trigger a full blown correction. Corrective signs are already seen on the daily chart. Support lies at the 1.0800 level where a break will aim at the 1.0750 level and then the 1.0700 level. A break below here will turn attention to the 1.0650 level. Conversely, resistance resides at the 1.0900 level where a break will aim at the 1.0950 level. A break of here will have to occur to create scope for a run at the 1.1000 level. Further out, resistance comes in at the 1.1050 level. All in all, EURCHF remains biased to the upside in the medium term but caution.

GBPJPY: Bullish, Price Momentum Builds Up On 195.83 Level GBPJPY: Having GBPJPY closed higher the past week, risk of further bullishness remains on the cards. This if seen will allow the cross to target the 195.83 level, representing its year-to-date high. Further out, resistance lies at the 197.00 level followed by the 198.00 level where a break will aim at the 199.00 level. A cut through here will aim at the 200.00 level with a break through here opening the door for more strength towards the 198.50 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 193.50 level where a violation will aim at the 193.00 level. A break below here will target the 192.00 level followed by the 191.00 level. All in all, the cross remains biased to the upside in the medium term.

EURJPY: Remains On The Offensive With Eyes On 140.00 Level EURJPY: The cross remains biased to the upside with eyes on its key resistance at the 140.00 level. This is coming on the back of recent bullish offensive following its corrective recovery triggered off the 133.29 level. Resistance lies at the 139.50 level followed by the 139.50 level where a break if seen will threaten further upside towards the 140.00. Further out, resistance resides at the 140.50 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 138.00 level where a break will aim at the 137.50 level. A turn below here will target the 137.00 level with a breach turning focus to the 136.50 level. All in all, the cross now faces upside risk on recovery.

EURGBP- Corrective Recovery Remains Intact. EURGBP- Despite the cross’s price hesitation on Thursday, it continues to maintain its corrective recovery outlook triggered off the 0.6950 low on August 05 2015. On the upside, resistance lies at the 0.7200 level where a violation if seen will turn risk towards the 0.7250 level. Further out, the 0.7300 level comes in as the next upside target followed by the 0.7350 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 0.7100 level where a violation will turn focus to the 0.7050 level. A break below here will expose the 0.7000 level. Further down, support comes in at the 0.6950 level. All in all, the cross is biased to the upside on further corrective recovery.

USDCAD: Trades Below Key Resistance, Retains Corrective Pullback Bias USDCAD: With the pair reversing its Tuesday gains to close lower on Wednesday, risk of a follow through lower is envisaged. Despite its present price hesitation downside threat remains while the pair holds below the 1.3100/49 zone. Resistance resides at the 1.3050 level followed by the 1.3100 level. Further out, the 1.3150 level comes in as the next resistance with a break turning attention to the 1.3200 level. Above here if seen will expose the 1.3300 level. On the downside, support lies at the 1.2900 level followed by the 1.2850 level. Further down, support resides at the 1.2800 level and then the 1.2750 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, USDCAD remains biased to the downside on correction

USDCHF: Tumbles Lower On Strong Sell-Off USDCHF: With USDCHF turning lower on a strong sell-off on Wednesday, it now faces further corrective weakness in the days ahead. On the downside, support comes in at the 0.9700 level. A turn below here will open the door for more weakness to occur towards the 0.9650 level and then the 0.9600 level. A cut through here will open the door for additional weakness towards the 0.9550 level. Its daily RSI is bullish and pointing lower supporting this view. Resistance resides at the 0.9800 level with a breach targeting the 0.9850 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9900 level. All in all, the pair remains biased to the downside on corrective pullback

USDCAD: Bullish, Looks To Recapture Key Resistance USDCAD: With the pair reversing its Monday losses on Tuesday to lose strongly higher, it now faces further move higher towards its key resistance at 1.3212 level. We may see price hesitation at that level but if taken our expect more strength to build towards the 1.3200 level followed by the 1.3250 level. Further out, resistance comes in at the 1.3300 level where a turn lower may occur. But if further additional strength is triggered resistance comes in at the 1.3350 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.3100 level followed by the 1.3050 level. Further down, support resides at the 1.3000 level and then the 1.2950 level. All in all, USDCAD remains biased to the upside in the medium term.

EURUSD: Remains On The Offensive With Eyes On 1.1133 Level EURUSD: With EUR maintaining its corrective bullish offensive, more strength towards its resistance located at 1.1133 level is likely in the days ahead. Support lies at the 1.1000 level where a violation will aim at the 1.0950 level. A break of here will aim at the 1.0900 level with a turn below that level targeting the 1.0850 level. Conversely, resistance is seen at 1.1100 level with a cut through here opening the door for more downside towards the 1.1150 level. Further up, resistance lies at the 1.1200 level where a break will expose the 1.1250 level. Its daily RSI is bullish and pointing higher suggesting further strength, All in all, EUR remains biased to the upside as it faces a corrective recovery higher nearer term

CRUDE OIL: Puts In Temporary Bottom, Targets 46.20 Area CRUDE OIL: With Crude Oil putting in a temporary bottom on Monday, it faces a move higher on correction. Resistance is located at the 45.50 level where a break will expose the 46.20 level. A break below here will aim at the 47.00 level and then the 48.00 level. Above here if seen will open the door for a run at the 49.00 level. Its daily RSI is bearish and pointing higher supporting this view. Conversely, on the downside, support resides at the 44.00 level where a break will expose the 43.00 level followed by the 42.00 level. A cut through here will aim at the 41.00 level. All in all, Crude Oil remains biased to the downside medium term but faces a recovery risk.

GBPUSD: Sets To Recover Higher On Rejection Candle Formation GBPUSD: GBP looks to recover higher following its rejection candle print on Friday. This development leaves the immediate risk higher with its lower level charts (see 4 hourly chart) turning higher. On the downside, support lies at the 1.5450 level where a break if seen will aim at the 1.5400 level. A break of here will turn attention to the 1.5350 level. Further down, support lies at the 1.5300 level. Conversely, resistance lies at the 1.5550 level with a break aiming at the 1.5600 level. A violation of that level will open the door for more strength towards the 1.5650 level. Further out, the 1.5700 level comes in as the next upside target. On the whole, GBP faces the risk of a recovery higher on correction.